Summary:
- Polygon, a Layer 2 scaling solution for Ethereum, has announced a new incentive program called "Millions in Incentives for DeFi on Polygon PoS" to drive adoption of decentralized finance (DeFi) applications on its network.
- As part of this program, Polygon has partnered with Gauntlet and Compound to introduce Morpho, a new lending protocol that aims to provide more efficient and cost-effective lending services on the Polygon network.
- The Morpho protocol is designed to leverage Polygon's low-cost and fast transactions to offer users better lending rates and reduced gas fees compared to existing DeFi lending platforms on Ethereum.